The State Oil Company of Azerbaijan (SOCAR) intends to hold oil production in the 2005 level, Natig Aliyev, the President of the SOCAR, told Trend. “We don’t have new oil fields. Therefore, we support the production in the old ones, but most of them is out of exploitation fund due to lack of work volume, finance, technical means,” he noted.
The SOCAR passed their fields to foreign companies in this regard. “There are a lot of work and the companies have considerable resources. They drill new wells using new technology, but we don’t have such opportunities. We increase oil production at the expense of foreign companies,” he added.
Aliyev stressed that the SOCAR did not develop their old fields in this relation. “Oil and Gas production grow. We began to fulfill the plan for the first time over 2 years,” Aliyev underlined.
The Company intends to produce 8.75m tons oil and 4.2 bn cu m gas in 2005.